Articles and insight into Superior Payroll Services

WHAT IS PAYROLL FRAUD

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Timesheet fraud involves paying employees incorrectly for the hours they work. In some cases we have found base hours in payroll are set for 72 but they actually work 70. Falsifying wages is when an employee falsifies wages of another employee. Commission fraud is when an employee inflates sales to collect higher commissions. This happens when wages is partially or fully based on commissions or bonuses. PAYROLL AUDITS DETECT AND PREVENT PAYROLL FRAUD

What is Straight Line Depreciation

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Straight line depreciation is a common method of matching a plant asset’s cost to the accounting periods in which it’s in service is likely to be straight line depreciation. The total amount of depreciation over the years of the asset’s useful life will be the asset’s cost minus any expected or assumed salvage value. The formulas used for straight-line depreciation are; Depreciation per annum = (cost – residual value) / useful life. Depreciation per annum = (cost – residual value) x rate of depreciation. The rate of depreciation can be calculated by: (1/useful life) x 100%. Example: an asset having a useful life of 8 year is 12.5% p.a   

Why Do Payroll Errors Keep Happening In Australia?

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Why does this keep happening? It’s because Australia’s Award system is incredibly complex. Australia depends on a few factors including age, education, time of day, day of the week, location, individual responsibilities, time between shifts, temperature and even the specific tools employees use. Award legislation and compliance is very complicated to interpret. It’s even difficult for big businesses with unlimited resources to navigate let alone a small business. It also comes with large fines when mistakes happen costing the business of any size thousands of dollars. 

Is super payable on public holiday pay?

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Public holiday pay is considered ordinary time earnings if the public holiday forms part of an employee’s normal standard roster. Ordinary time earnings are superable therefore public holidays paid and taken will attract the Super Guarantee Contribution (SGC).

If a public holiday is worked and forms part of an employee’s normal roster, the hours worked are not overtime but are paid as a penalty rate. Super is payable for hours worked on a public holiday calculated on the total payment paid at the penalty rate.

What is a payroll audit?

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Payroll Audit Melbourne and Cairns

A Payroll audit is conducted to ensure the employer is compliant to employee’s wages, record and data management. As no single system is perfect, a growing business that is expanding or a business with a high turnover of employees will eventually encounter the complexity of multiple payroll processes. Our Audits provide an independent set of “eyes” to look over your business accounts to ensure that your payroll legislative requirements are updated and correct. Read more about our payroll services or contact us for pricing and to start the discussion!

Book keeping services

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Bookkeeper Cairns Australia

Superior Payroll Services book keeping can manage lots of different responsibilities within a small business. The main focus is keeping track of daily transactions, sending out invoices and managing the accounts receivable ledger, keeping an eye on cash flow, preparing the books for the accountant and reporting of financial transactions as part of the operational life of a small business. This will save you time to allow you to focus on other business adjectives. We have offices in Cairns and Melbourne and can work with you remotely however notice our expertise is on Australian business requirements. Read more about our bookkeeping services or contact us to discuss how we can